AUSTIN–Hat Trick Development is bringing a modern medical office space to east central Austin.
The company has completely gutted and overhauled a 10,000-square-foot property, formerly a dialysis clinic originally built in 1968. It has signed three new tenants to the new project called Mueller Medical Plaza: Texan Urgent Care, The Comprehensive ENT and New U Plastic Surgery.
“The opportunity to transform a building in between downtown and Muller was an opportunity we decided to seize,” Eric Perardi, co-managing partner for Hat Trick Development, told GlobeSt.com. “There was a cost savings for all involved to take this approach, as opposed to ground-up development. This area just east of I-35 offers great convenience and strong demographics for our tenant/partners.”
Located at 3607 Manor Road, it is nearby Mueller, a massive, mixed-use development that's also become a medical hub for the Austin area, as well as Dell Children's Medical Center.
Both The Comprehensive ENT and New U Plastic Surgery will relocate from buildings on 32nd Street, and were attracted to Hat Trick Development's business model, the company says. In Hat Trick's building, tenants become equity owners in the building through a limited liability corporation. Each tenant's share of the building is based upon the size of the space leased.
“When you own your space, real estate costs stabilize over a longer period,” says Rick Benson, Hat Trick Development's co-managing partner. “Hat Trick's model provides our tenants a feasible way to own just the right amount of space – something we know will strengthen the underlying financials of their practice over time.”
Hat Trick Development says the building's three tenant/owners all bring something unique and needed to the area.
“While this area has become a draw for the region for medical care, our three tenants will help provide more choices and types of care,” says Perardi.
Mueller Medical Plaza's architect is Schneider Halls, while Structura Inc. has been tapped as the contractor for the shell and tenant spaces.
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